You probably already know that top-notch schools carry significant weight in the Fort Lauderdale home buying process. However, a recent Realtor.com survey yielded facts that you might find surprising.
When queried about which factors weigh most heavily on their home buying preferences, over 90% said that school district boundaries are either “important” or “somewhat important.” Only 7.4% said that school districts are “unimportant” or “very unimportant,” while 2% classified them as “neutral.”
The same study found home buyers are willing to make significant sacrifices in order to live in a preferred school district. Of the nearly 1,000 prospective home buyers that took part in the study, one out of five would give up a garage or bedroom. One out of three would buy a smaller home.
Buyers in the study indicated they are willing to increase their budget to get into a specific school district. One out of five said they would pay 6 to 10% above their budget. One out of ten would pay as much as 20% more than their budget for the right school district.
Chicken Or Egg?
Discussions about a school’s performance and the effect it might have on home values is often similar to the “chicken or egg” debate. On average, homes in high-rated school districts tend to sell for higher prices than similar homes in lower-performing districts.
Studies have shown the more affluence there is in a neighborhood, the higher test scores will be in the local schools. Conversely, some believe good schools positively affect home prices.
The level of commitment to living in a preferred schools district is clear. Whether you have children or not, it’s hard to ignore the proposition that when you go to resell a home, your local school district may carry the same importance to home buyers down the line. Curious how schools in a particular neighborhood are rated? Check out GreatSchools.org, an independent, non-profit ranking agency.